Biofuels
are a class of fuels derived from carbon fixation. Biofuels are
primarily derived via numerous conversion procedures from liquid
fuels, gases, and solid biomass. The global biofuels market is
expected to witness new investments due to the rising demand for
energy. Biofuels are now replacing several conventional fuels in
numerous applications including heating and transportation.
Increasing demand for biofuels from various applications has
propelled the global market for biofuels. Increased awareness among
people regarding maintaining a clean environment and increase in
population will also steady the growth of the global biofuels
market.
In-depth
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Biofuels Market with
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Demand
for Environment-friendly Fuels Drives Global Biofuels Market
Increased
levels of carbon dioxide in the environment due to human activities
cause the oceans to acidify and the Earth to warm at a faster rate.
Leading players in the global biofuels market are taking efforts to
introduce products that can seamlessly replace fossil fuels such as
petroleum and coal. The research fraternity, too, is engaged in novel
projects. Earlier in December, 2015, scientists at the University of
Delaware, developed algae biofuels as a green alternative to fossil
fuels such as gasoline. They are further planning to create
sustainable biofuels that can reduce the emission of carbon dioxide
and other harmful chemicals in the atmosphere. Algae have the
capacity to produce 12 times more biodiesel per acre than plants and
can be grown in desert areas. Moreover, marine algae can be easily
grown in seawater.
The
global biofuels market is expected to expand rapidly during the
forecast period due to factors such as strict environmental
regulations, the need for economic development, rising energy import
bills of several nations, and the resultant energy security concerns.
Debates on the fuel-versus-food competition resulting to increased
food prices are expected to restrict the growth of the biofuels
market, as are factors such as restrictions related to development,
retailing, and distribution of biofuels. Developments in more
sustainable biofuels are expected to create new growth opportunities
for the global biofuels market in the next few years.
North
America to Lead Production of Biofuels till 2019
Biofuels
can be easily manufactured from oil-rich crops such as oil palm, soy,
and sunflower. The eco-friendly nature of biofuels makes them more
popular than other conventional fuels. Geographically, the global
biofuels market is divided into North America, Asia Pacific, Europe,
and Rest of the World. In 2012, 24,326.7 million gallons of biofuels
were produced worldwide, out of which North America had the largest
share. North America is expected to maintain its dominant position in
the global biofuels market in the years to come. The global
production of biofuels is expected to progress from 24,326.7 million
gallons in 2012 to 50,921.4 million gallons by 2019 at a 9.60% CAGR.
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BlueFire
Renewables, Aventine Renewable Energy Holdings, Inc (AVRW), Renewable
Energy Group, Solazyme Inc., Raizen Energia Participacoes S.A, and
Australian Renewable Fuels Limited are the leading players in the
global biofuels market. The introduction of environment-friendly
biofuels by the emerging players has made the global biofuels market
highly competitive for the leading players.
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